Sensex, Nifty cut most of gains in late morning session

Indian equity benchmarks cut most of their gains in late morning session but managed to remain in green terrain, with both Sensex and Nifty holding marginal gains, on the back of positive cues from other Asian markets. Traders got support, after Sebi chief Ajay Tyagi has said that the decision to implement a shorter settlement system in a phased manner beginning February 2022 will go a long way in protecting investors' interest. However, gains got cut in the markets, as foreign portfolio investors (FPIs) were net sellers in the Indian markets to the tune of Rs 949 crore in the first half of November.

On the global front, Asian markets were trading mostly in green, after industrial production in China was up 3.5 percent on year in October, the National Bureau of Statistics said on Monday - exceeding estimates for 3.0 percent and up from 3.1 percent in September. The bureau also said that retail sales jumped an annual 4.9 percent - again beating expectations for 3.5 percent and up from 4.4 percent in the previous month.

The BSE Sensex is currently trading at 60728.18, up by 41.49 points or 0.07% after trading in a range of 60708.85 and 61036.56. There were 17 stocks advancing against 13 stocks declining on the index.

The broader indices were trading mixed; the BSE Mid cap index was up by 0.20%, while Small cap index was down by 0.27%.

The top gaining sectoral indices on the BSE were Healthcare up by 1.58%, Consumer Durables up by 0.55%, IT up by 0.51%, TECK up by 0.41% and FMCG up by 0.38%, while Metal down by 1.65%, Basic Materials down by 0.68%, Telecom down by 0.47%, Energy down by 0.38% and Industrials down by 0.30% were the top losing indices on BSE.

The top gainers on the Sensex were Power Grid up by 2.31%, Asian Paints up by 1.67%, ITC up by 0.86%, Infosys up by 0.76% and Sun Pharma up by 0.73%. On the flip side, Tata Steel down by 1.66%, Bajaj Finserv down by 1.26%, Mahindra & Mahindra down by 1.20%, Bajaj Auto down by 1.16% and SBI down by 0.84% were the top losers.

Meanwhile, Commerce and Industry Minister Piyush Goyal has said that the proposed free trade agreements (FTAs) with countries, including Australia, the UK and the UAE, are moving at a fast pace and these pacts, when implemented, would help provide greater market access to domestic goods.

Under a free trade agreement, the minister said two trading partners reduce or eliminate customs duties on the maximum number of goods traded between them. Besides, they liberalise norms to enhance trade in services and boost investments.

The minister stated that when these agreements would be finalised, it would provide greater access to manufactured goods as there will be less or zero customs duties.

The CNX Nifty is currently trading at 18122.70, up by 19.95 points or 0.11% after trading in a range of 18106.35 and 18210.15. There were 25 stocks advancing against 25 stocks declining on the index.

The top gainers on Nifty were Power Grid up by 2.45%, UPL up by 2.39%, ONGC up by 2.20%, Asian Paints up by 1.60% and Hero MotoCorp up by 1.56%. On the flip side, Coal India down by 3.50%, Hindalco down by 1.94%, Tata Steel down by 1.52%, JSW Steel down by 1.49% and Bajaj Finserv down by 1.27% were the top losers.

Asian markets were trading mostly in green; Nikkei 225 surged 158.63 points or 0.54% to 29,768.60, Taiwan Weighted strengthened 121.50 points or 0.69% to 17,639.63, KOSPI rose 33.14 points or 1.12% to 3,001.94 and Straits Times advanced 6.43 points or 0.2% to 3,234.88. On the flip side, Shanghai Composite declined 10.22 points or 0.29% to 3,528.88, Hang Seng decreased 20.63 points or 0.08% to 25,307.34 and Jakarta Composite lost 21.25 points or 0.32% to 6,629.80.